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Possible Bearish Inside Day Candle Pattern Detected for Trimble Navigation (NASDAQ:TRMB)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Trimble Navigation (NASDAQ:TRMB) based on the price action in the company's shares. Today's price range of $27.73 and $27.93 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Trimble Navigation may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Trimble Navigation have traded between a low of $15.90 and a high of $28.09 and are now at $27.87, which is 75% above that low price. The 200-day and 50-day moving averages have moved 0.01% lower and 0.13% higher over the past week, respectively.

Based on a current price of $27.87, Trimble Navigation is currently 18.0% above its average consensus analyst price target of $22.86. The stock should find initial support at its 50-day moving average (MA) of $24.78 and further support at its 200-day MA of $21.32.

Trimble Navigation Limited designs, manufactures, and markets electronic products, enabled by Global Positioning System technology, that determine precise geographic location. The Company's products are integrated systems for collecting, analyzing, and displaying position data in forms optimized for specific end-user applications.

SmarTrend recommended that subscribers consider buying shares of Trimble Navigation on February 18th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $23.27. Since that recommendation, shares of Trimble Navigation have risen 20.2%. We continue to monitor TRMB for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle trimble navigation

Ticker(s): TRMB